The benchmarks for direct investments in real estate are mostly appraisal-based. They are usually smoothed. Therefore they are lagging the "true" returns in the property markets and understate their volatility and their correlation to other asset classes.The basic idea in our approach is to use...

Diversification has been long considered an essential part of investing for the long term. Our paper aims to look further on portfolio diversification and how asset allocation can be optimized. We suggest that the selection of investments in a portfolio should be based on how the market behaves...

We propose a model to help investors address liquidity questions in strategic asset allocation decisions. We consider various dimensions of liquidity, such as market and funding liquidity, as well as the dynamic nature of liquidity risk and return. Our framework can be particularly useful to...

Economic theory views patents as policy instruments aimed at fostering innovation and diffusion. Three major implications are drawn regarding current policy debates. First, patents may not be the most effective means of protection for inventors to recover R&D investments when imitation is costly...